Wilson Bayly Holmes-Ovcon (JSE:WBO) Operating Income: R1,305 Mil (TTM As of Dec. 2025)

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JSE:WBO Wilson Bayly Holmes-Ovcon Ltd JSE:WBO
81 GF Score
Price R157.40
GF Value R171.57
Valuation Fairly Valued
! 2 Warning Signs
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What is Wilson Bayly Holmes-Ovcon Operating Income?

Wilson Bayly Holmes-Ovcon JSE:WBO -0.68% 81 Operating Income is R1,305 Mil as of Dec. 2025. GuruFocus rates JSE:WBO with a GF Score™ of 81/100 and a GF Value™ of R171.57 (Fairly Valued). The stock has 2 warning signs investors should review.

Wilson Bayly Holmes-Ovcon's Operating Income for the six months ended in Dec. 2025 was R656 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was R1,305 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Wilson Bayly Holmes-Ovcon's Operating Income for the six months ended in Dec. 2025 was R656 Mil. Wilson Bayly Holmes-Ovcon's Revenue for the six months ended in Dec. 2025 was R14,023 Mil. Therefore, Wilson Bayly Holmes-Ovcon's Operating Margin % for the quarter that ended in Dec. 2025 was 4.67%.

Wilson Bayly Holmes-Ovcon's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Wilson Bayly Holmes-Ovcon's annualized ROC % for the quarter that ended in Dec. 2025 was 8.73%. Wilson Bayly Holmes-Ovcon's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 62.09%.


Wilson Bayly Holmes-Ovcon  (JSE:WBO) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Wilson Bayly Holmes-Ovcon's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jun. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=1311.048 * ( 1 - 27.41% )/( (12129.226 + 9674.328)/ 2 )
=951.6897432/10901.777
=8.73 %

where

Invested Capital(Q: Jun. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=16076.365 - 2577.457 - ( 4305.107 - max(0, 10140.929 - 11510.611+4305.107))
=12129.226

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=15275.883 - 3868.053 - ( 4516.982 - max(0, 9120.468 - 10853.97+4516.982))
=9674.328

Note: The Operating Income data used here is two times the semi-annual (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

Wilson Bayly Holmes-Ovcon's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jun. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=1660.032/( ( (2689.994 + max(-7482.871, 0)) + (2657.249 + max(-3731.899, 0)) )/ 2 )
=1660.032/( ( 2689.994 + 2657.249 )/ 2 )
=1660.032/2673.6215
=62.09 %

where Working Capital is:

Working Capital(Q: Jun. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1324.388 + 414.853 + 607.342) - (2577.457 + 0 + 7251.997)
=-7482.871

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(4762.076 + 412.868 + 213.625) - (3868.053 + 0 + 5252.415)
=-3731.899

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Wilson Bayly Holmes-Ovcon's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %=Operating Income (Q: Dec. 2025 )/Revenue (Q: Dec. 2025 )
=655.524/14023.196
=4.67 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Wilson Bayly Holmes-Ovcon Operating Income Related Terms


Wilson Bayly Holmes-Ovcon Operating Income Historical Data

* Premium members only.

The historical data trend for Wilson Bayly Holmes-Ovcon's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Wilson Bayly Holmes-Ovcon Operating Income Chart

Wilson Bayly Holmes-Ovcon Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24 Jun25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 829.71 781.44 1,026.92 1,337.28 1,331.27

Wilson Bayly Holmes-Ovcon Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 589.29 747.99 681.91 649.36 655.52
JSE:WBO
81GF Score
Wilson Bayly Holmes-Ovcon Ltd JSE:WBO
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Wilson Bayly Holmes-Ovcon Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was R1,305 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of R1,305 Mil mean?
Wilson Bayly Holmes-Ovcon (JSE:WBO) has a Operating Income of R1,305 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Wilson Bayly Holmes-Ovcon and its competitors.
Is Wilson Bayly Holmes-Ovcon's Operating Income too high?
Wilson Bayly Holmes-Ovcon's current Operating Income is R1,305 Mil. Overall, Wilson Bayly Holmes-Ovcon has a GF Score™ of 81/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Wilson Bayly Holmes-Ovcon's Operating Income compare to PWR and FIX?
Wilson Bayly Holmes-Ovcon's Operating Income of R1,305 Mil can be compared against companies in the Construction industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Construction company?
A good Operating Income depends on the Construction industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Wilson Bayly Holmes-Ovcon and its competitors. Wilson Bayly Holmes-Ovcon's current Operating Income is R1,305 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Wilson Bayly Holmes-Ovcon stock overvalued right now?
Based on GuruFocus' analysis, Wilson Bayly Holmes-Ovcon (JSE:WBO) is currently considered Fairly Valued. The stock's GF Value™ is R171.57, compared to a current price of R157.40 — trading 8.3% below its estimated fair value. The current Operating Income is R1,305 Mil. Wilson Bayly Holmes-Ovcon's overall GF Score™ is 81/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Wilson Bayly Holmes-Ovcon (JSE:WBO), the current Operating Income is R1,305 Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Wilson Bayly Holmes-Ovcon (JSE:WBO) Overvalued in 2026?

Based on GuruFocus' analysis, Wilson Bayly Holmes-Ovcon stock appears to be undervalued. The current stock price of R157.40 is trading 8.3% below its estimated GF Value™ of R171.57. GuruFocus considers Wilson Bayly Holmes-Ovcon to be Fairly Valued.

Key valuation signals for JSE:WBO:

  • Operating Income: R1,305 Mil
  • GF Value™: R171.57 vs. price of R157.40 (8.3% below fair value)
  • GF Score™: 81/100 with 2 warning signs

No single metric tells the full story. See the JSE:WBO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Wilson Bayly Holmes-Ovcon Business Description

Other Exchanges WQ9:Germany
Address 53 Andries Street, Wynberg, Sandton, Johannesburg, GT, ZAF, 2090
Wilson Bayly Holmes-Ovcon Ltd is a South Africa-based construction company. The company's business activities encompass designing, construction, and procurement, as well as civil engineering, works for large-scale public and private projects, roads and earthworks projects, and turnkey projects. The company also provides construction materials, real estate development, and other services. Its customers predominantly come from the retail, residential, hotel and entertainment, infrastructure, mining, energy, and oil and gas sectors. Its segment include: Building and civil Engineering, Roads and earthworks, Property developments, Construction materials, and United Kingdom. It operates in South Africa, United Kingdom and Rest of Africa, of which maximum revenue is generated from South Africa.
81GF Score

Get the complete analysis for JSE:WBO

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

R157.40
Price
R171.57
GF Value